SOLUTION: What interest rate compounded monthly is required for an $8500 investment to triple in 5 years?
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Question 952144: What interest rate compounded monthly is required for an $8500 investment to triple in 5 years?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
What interest rate compounded monthly is required for an $8500 investment to triple in 5 years?
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5 yrs = 60 periods
2*Amt = Amt*(1+r)^60
2 = (1+r)^60 (The amount doesn't matter)
1+r =~ 1.011619
r = 0.011609
r = 1.1609% per month
r = 13.943% per year
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